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Leases
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Leases Leases
The Company conducts its operations using facilities leased under operating lease agreements that expire at various dates. The Company finances its use of certain motor vehicles and other equipment under various lease arrangements provided by financial institutions. The lease agreements do not contain any covenants to impose any restrictions except for market-standard practice for similar lease arrangements.
The Company had performed an evaluation of its contracts with suppliers in accordance with Topic 842, Leases, and had determined that, except for leases for office facilities, motor vehicles and other equipment as described above, none of the Company’s contracts contain a lease. In assessment of the lease term, the Company considers the extension option as part of its lease term for those lease arrangements where the Company is reasonably certain of availing the extension option. As part of the Company’s effort to moderate the impact of COVID-19, the Company continued to evaluate its office facilities to determine where it can exit, consolidate, or otherwise optimize its use of office space. During the years ended December 31, 2021 and 2020, the Company changed the lease term for certain of its leases and recognized the resultant amount of the remeasurement of the lease liability as an adjustment to the ROU assets.
The impact of COVID-19 on the economic environment is uncertain and has caused variability in the determination of the incremental borrowing rate and extension option, which have an impact on measurement of lease liabilities and ROU assets.
Supplemental balance sheet information
As of
December 31, 2021December 31, 2020
Operating Lease
Operating lease right-of-use assets$76,692 $91,918 
Operating lease liabilities – Current
$18,487 $18,894 
Operating lease liabilities – Non-current
68,506 84,874 
    Total operating lease liabilities$86,993 $103,768 
Finance Lease
Property and equipment, gross$2,685 $1,853 
Accumulated depreciation(2,339)(1,382)
    Property and equipment, net$346 $471 
Finance lease liabilities – Current
$141 $229 
Finance lease liabilities – Non-current
229 281 
   Total finance lease liabilities$370 $510 
Finance lease liabilities are presented as a part of “Accrued expenses and other current liabilities” and “Other non-current liabilities,” as applicable, in the Company’s consolidated balance sheets.
The components of lease cost, which are included in the Company's consolidated statements of income, are as follows:
Lease cost
Year ended December 31, 2021Year ended December 31, 2020
Finance lease:
Amortization of right-of-use assets$188 $235 
Interest on lease liabilities63 81 
$251 $316 
Operating lease(a)
26,326 27,146 
Variable lease costs7,621 8,496 
$33,947 $35,642 
Total lease cost$34,198 $35,958 
(a) Includes short-term leases, which are immaterial.
Supplemental cash flow and other information related to leases are as follows:
Year ended December 31, 2021Year ended December 31, 2020
Cash payments for amounts included in the measurement of lease liabilities :
Operating cash outflows for operating leases$25,674 $26,589 
Operating cash outflows for finance leases$63 $81 
Financing cash outflows for finance leases$201 $249 
Right-of-use assets obtained in exchange for new operating lease liabilities$4,547 $18,765 
Right-of-use assets obtained in exchange for new finance lease liabilities$71 $45 
Weighted-average remaining lease term (in years)
Finance lease2.1 years1.8 years
Operating lease5.8 years6.3 years
Weighted-average discount rate
Finance lease14.5%10.5%
Operating lease7.2%7.4%
The Company determines the incremental borrowing rate by adjusting the benchmark reference rates, with appropriate financing spreads applicable to the respective geographies where the leases were entered and lease specific adjustments for the effects of collateral.
During the years ended December 31, 2021 and 2020, the Company modified certain of its operating leases resulting in a reduction of its lease liabilities by $2,917 and $3,143 respectively, with a corresponding reduction in ROU assets.
As of December 31, 2021, the Company did not have any significant leases that have not yet commenced but that create significant rights and obligations for the Company.
During the years ended December 31, 2021 and 2020, the Company recognized nil impairment on ROU assets. During the year ended December 31, 2019, the Company recognized an impairment charge on ROU assets related to its Health Integrated business of $1,449, to write down the carrying value of operating lease right-of-use assets to its fair value. This impairment charge was recorded in the consolidated statements of income under “Impairment and restructuring charges.”
Maturities of lease liabilities as of December 31, 2021 were as follows:
Operating LeasesFinance Leases
2022$24,020 $185 
202322,666 147 
202417,745 72 
202510,741 34 
20268,395 17 
2027 and thereafter25,198 — 
Total lease payments$108,765 $455 
Less: Imputed interest21,772 85 
Present value of lease liabilities$86,993 $370 
Maturities of lease liabilities as of December 31, 2020 were as follows:
Operating LeasesFinance Leases
2021$25,829 $262 
202224,316 194 
202322,066 114 
202417,084 36 
20259,749 11 
2026 and thereafter34,334 — 
Total lease payments$133,378 $617 
Less: Imputed interest29,610 107 
Present value of lease liabilities$103,768 $510 
Leases Leases
The Company conducts its operations using facilities leased under operating lease agreements that expire at various dates. The Company finances its use of certain motor vehicles and other equipment under various lease arrangements provided by financial institutions. The lease agreements do not contain any covenants to impose any restrictions except for market-standard practice for similar lease arrangements.
The Company had performed an evaluation of its contracts with suppliers in accordance with Topic 842, Leases, and had determined that, except for leases for office facilities, motor vehicles and other equipment as described above, none of the Company’s contracts contain a lease. In assessment of the lease term, the Company considers the extension option as part of its lease term for those lease arrangements where the Company is reasonably certain of availing the extension option. As part of the Company’s effort to moderate the impact of COVID-19, the Company continued to evaluate its office facilities to determine where it can exit, consolidate, or otherwise optimize its use of office space. During the years ended December 31, 2021 and 2020, the Company changed the lease term for certain of its leases and recognized the resultant amount of the remeasurement of the lease liability as an adjustment to the ROU assets.
The impact of COVID-19 on the economic environment is uncertain and has caused variability in the determination of the incremental borrowing rate and extension option, which have an impact on measurement of lease liabilities and ROU assets.
Supplemental balance sheet information
As of
December 31, 2021December 31, 2020
Operating Lease
Operating lease right-of-use assets$76,692 $91,918 
Operating lease liabilities – Current
$18,487 $18,894 
Operating lease liabilities – Non-current
68,506 84,874 
    Total operating lease liabilities$86,993 $103,768 
Finance Lease
Property and equipment, gross$2,685 $1,853 
Accumulated depreciation(2,339)(1,382)
    Property and equipment, net$346 $471 
Finance lease liabilities – Current
$141 $229 
Finance lease liabilities – Non-current
229 281 
   Total finance lease liabilities$370 $510 
Finance lease liabilities are presented as a part of “Accrued expenses and other current liabilities” and “Other non-current liabilities,” as applicable, in the Company’s consolidated balance sheets.
The components of lease cost, which are included in the Company's consolidated statements of income, are as follows:
Lease cost
Year ended December 31, 2021Year ended December 31, 2020
Finance lease:
Amortization of right-of-use assets$188 $235 
Interest on lease liabilities63 81 
$251 $316 
Operating lease(a)
26,326 27,146 
Variable lease costs7,621 8,496 
$33,947 $35,642 
Total lease cost$34,198 $35,958 
(a) Includes short-term leases, which are immaterial.
Supplemental cash flow and other information related to leases are as follows:
Year ended December 31, 2021Year ended December 31, 2020
Cash payments for amounts included in the measurement of lease liabilities :
Operating cash outflows for operating leases$25,674 $26,589 
Operating cash outflows for finance leases$63 $81 
Financing cash outflows for finance leases$201 $249 
Right-of-use assets obtained in exchange for new operating lease liabilities$4,547 $18,765 
Right-of-use assets obtained in exchange for new finance lease liabilities$71 $45 
Weighted-average remaining lease term (in years)
Finance lease2.1 years1.8 years
Operating lease5.8 years6.3 years
Weighted-average discount rate
Finance lease14.5%10.5%
Operating lease7.2%7.4%
The Company determines the incremental borrowing rate by adjusting the benchmark reference rates, with appropriate financing spreads applicable to the respective geographies where the leases were entered and lease specific adjustments for the effects of collateral.
During the years ended December 31, 2021 and 2020, the Company modified certain of its operating leases resulting in a reduction of its lease liabilities by $2,917 and $3,143 respectively, with a corresponding reduction in ROU assets.
As of December 31, 2021, the Company did not have any significant leases that have not yet commenced but that create significant rights and obligations for the Company.
During the years ended December 31, 2021 and 2020, the Company recognized nil impairment on ROU assets. During the year ended December 31, 2019, the Company recognized an impairment charge on ROU assets related to its Health Integrated business of $1,449, to write down the carrying value of operating lease right-of-use assets to its fair value. This impairment charge was recorded in the consolidated statements of income under “Impairment and restructuring charges.”
Maturities of lease liabilities as of December 31, 2021 were as follows:
Operating LeasesFinance Leases
2022$24,020 $185 
202322,666 147 
202417,745 72 
202510,741 34 
20268,395 17 
2027 and thereafter25,198 — 
Total lease payments$108,765 $455 
Less: Imputed interest21,772 85 
Present value of lease liabilities$86,993 $370 
Maturities of lease liabilities as of December 31, 2020 were as follows:
Operating LeasesFinance Leases
2021$25,829 $262 
202224,316 194 
202322,066 114 
202417,084 36 
20259,749 11 
2026 and thereafter34,334 — 
Total lease payments$133,378 $617 
Less: Imputed interest29,610 107 
Present value of lease liabilities$103,768 $510